Mistakes In Your ITR Can Cost You Big
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7 July 2025
Filing income tax with the wrong form may result in penalties and return being marked defective
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Choose between old and new tax regimes based on deductions and financial benefits you seek
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Verify Form 26AS and AIS to ensure accurate tax details before filing the return
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Salaried individuals must collect Form 16 and relevant documents for interest, capital gains, etc
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E-verify returns within 30 days using Aadhaar, bank, or Demat account to avoid invalidation
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Late filing attracts penalties up to Rs 5,000 and interest under Sections 234A, 234B, 234C
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Wrong income or deduction details may lead to penalties up to 200% of the tax due
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Maintain proper books of accounts and audit reports to avoid penalties up to Rs 1.5 lakh
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